RALEIGH—An historic $190 million appropriation made by the NC General Assembly last year to the state’s Workforce Housing Loan Program (WHLP) is addressing substantial funding gaps for workforce housing developments caused by the pandemic.
On December 1, State Senator Kevin Corbin will present a ceremonial WHLP check to Valley River Apartments in Murphy—one of 77 developments statewide helped by the infusion of funds— followed by a groundbreaking ceremony. Valley River Apartments will help address the shortage of available housing in Cherokee County, where more than 50% of renters are cost-burdened, paying more than 30% of their income on rent.
WHAT: Ceremonial NC Workforce Housing Loan Program Check Presentation and Groundbreaking
WHO: State Senator Kevin Corbin, NC Housing Finance Agency officials, local officials
WHEN: Friday, December 1 at 11:30 a.m.
WHERE: River Valley Apartments site, 2334 US Highway 19, Murphy, NC
Developed by the Western North Carolina Housing Partnership, Valley River was awarded funding by the NC Housing Finance Agency in 2021 to provide 56 apartment homes affordable for working families. After pandemic-related construction cost increases, supply chain disruptions and labor shortages stalled Valley River, a $3.43 million loan from the WHLP appropriation enabled construction to resume by going directly into the construction and lowering rents.
Statewide, the $190 million Workforce Housing Loan Program appropriation kickstarted the construction of 77 developments with more than 5,100 apartment homes which had stalled, providing much needed housing for working families and seniors on fixed incomes.
“This historic appropriation will expand housing options for working families and seniors across the state who are among those hardest hit by the pandemic’s economic impacts,” said Scott Farmer, NC Housing Finance Agency executive director. “We are grateful to the General Assembly for recognizing and addressing the housing shortage facing thousands of hard-working North Carolinians.”
The North Carolina Housing Finance Agency is a self-supporting public agency whose mission is to provide safe, affordable housing opportunities to enhance the quality of life of North Carolinians. Since its creation by the General Assembly, the Agency has financed more than 298,860 affordable homes and apartments, totaling $29.16 billion. To learn more about the Agency and its programs, visit www.HousingBuildsNC.com.